CHAP. 345.—An ACT to authorize the board of supervisors of Mecklenburg
county. Virginia, to designate depositories for the proceeds arising from
the sale of permanent road improvement bonds, and to make contracts
for the payment of interest thereon by said depositories.

Approved March 15, 1912.

Whereas Mecklenburg county, in the State of Virginia, has.
under existing laws, issued bonds for certain magisterial] dis-
tricts within said county for permanent road and bridge im-
provement in the said magisterial districts thereof; and

Whereas, the treasurer of the said county of Mecklenburg,
in the State of Virginia, has now, or will hereafter receive, lar,re
sume of monev from the proceeds of the sale of said bonds; and

Whereas, it is desirable that said funds shall be so held and
deposited as to earn interest, instead of remaining idle, unti! it
is actually needed in constructing said roads and bridges; there-
fore

1. Be it enacted by the general assembly of Virginia, That
it shall be lawful for the board of supervisors of Mecklenburg
county, Virginia, and the said board of supervisors of the said
county of Mecklenburg, Virginia, be, and they are hereby, au-
thorized and empowered, in their discretion, to designate such
banks as they may choose as places of deposit for the proceeds of
the sale of such bonds or any portion of such proceeds, upon
such terms and upon such agreement for the payment of interest
on such deposits as may be agreed on between said board of su-
pervisors and said depositories.

And it shall be the duty of the treasurer of said county, upon
a resolution or order of the said board of supervisors to transfer
anv sum or sums of money in his hands arising from the sale of
such bonds or such portion thereof as the said resolution of the
said board of supervisors may order, to the said depository to be
named in the said resolution of said board, and to pay the same
out upon the orders of the proper authorities according to law.

2. An emergency existing therefor, as set out in the pre-
amble, this act shall become effective and be in force from its
passage.